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APRA has also sought to extend legal principle by applying the kind of requirements to which a trustee is subject in deciding whether or not a beneficiary is entitled to a payment out of the trust, a circumstance in which the trustee is bound to give proper consideration to the relevant information and if necessary obtain relevant information to fulfil its trust duty, to the day-to-day decisions which a trustee of a large fund must make in the administration of the trust. APRA has said that has not yet made a decision on whether it will appeal.On 20 September, Justice Jayne Jagot handed down her decision in The decision has received a high level of media coverage, in light of the Financial Services Royal Commission (IOOF was a case study considered by the Financial Services Royal Commission) and in the context of APRA's stated forward focus on improving superannuation member outcomes. ?Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. Further, in oral submissions APRA said that any use of the ORFR or the general reserve to reimburse members could not be considered to be “compensation” of the members for loss because they were being given their own money…The propriety of the use of the ORFR (and any reserve) is to be determined by the statutory scheme and the instruments and policies which regulate the use of the reserve. IOOF Holdings Ltd. ABN 49 100 103 722 Level 6, 161, Collins Street Melbourne VIC 3000. My deep experience in mergers and acquisitions has seen me focus on transactions and governance in the financial services industry and government sector.Our insights can help you navigate the uncertainty.eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJuYW1laWQiOiJhYTc1MjcwOS1lZDhhLTQxZDAtOTk4OC03MDA2YjVlN2IyMGEiLCJyb2xlIjoiQXBpVXNlciIsImlzcyI6Imh0dHA6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvc3VtbWFyeS1vZi1hcHJhLWNhc2UtYXVzdHJhbGlhbi1wcnVkZW50aWFsLXJlZ3VsYXRpb24tYXV0aG9yaXR5LXYta2VsYWhlci0yMDE5LWZjYS0xNTIxIiwiYXVkIjoiaHR0cDovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9zdW1tYXJ5LW9mLWFwcmEtY2FzZS1hdXN0cmFsaWFuLXBydWRlbnRpYWwtcmVndWxhdGlvbi1hdXRob3JpdHktdi1rZWxhaGVyLTIwMTktZmNhLTE1MjEiLCJleHAiOjE1OTg4Nzg5NDYsIm5iZiI6MTU5ODg3Nzc0Nn0.pgQXX3V8-auI1jVfmgGZb_ZBrEkfKK-ZIgaxuYE1nEIhttp://www.minterellison.com/articles/summary-of-apra-case-australian-prudential-regulation-authority-v-kelaher-2019-fca-1521eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJuYW1laWQiOiJhYTkzY2I4MS05OTMyLTRjNjgtOTQzNy0yNGJlODJkZWE3NTUiLCJyb2xlIjoiQXBpVXNlciIsImlzcyI6Imh0dHA6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvc3VtbWFyeS1vZi1hcHJhLWNhc2UtYXVzdHJhbGlhbi1wcnVkZW50aWFsLXJlZ3VsYXRpb24tYXV0aG9yaXR5LXYta2VsYWhlci0yMDE5LWZjYS0xNTIxIiwiYXVkIjoiaHR0cDovL3d3dy5taW50ZXJlbGxpc29uLmNvbS9hcnRpY2xlcy9zdW1tYXJ5LW9mLWFwcmEtY2FzZS1hdXN0cmFsaWFuLXBydWRlbnRpYWwtcmVndWxhdGlvbi1hdXRob3JpdHktdi1rZWxhaGVyLTIwMTktZmNhLTE1MjEiLCJleHAiOjE1OTg4Nzg5NDYsIm5iZiI6MTU5ODg3Nzc0Nn0.xhHVSHZZT1klAAeElR2_u_wJoMRo6KFuj2H1vt8U2bQhttp://www.minterellison.com/articles/summary-of-apra-case-australian-prudential-regulation-authority-v-kelaher-2019-fca-1521 APRA still believes this was an important case to pursue given the nature, seriousness and number of potential contraventions APRA had identified with IOOF' Ms Rowell said.Ms Rowell went on to say that despite the decision, APRA's tougher approach to enforcement had led to IOOF being better placed to deliver sound, value-for-money outcomes for its members. That is supported by testimony at the royal commission' he is quoted as saying.With respect to the possibility of an appeal by the regulator, Professor Adams reportedly said 'I certainly think they should be looking at an appeal'. This undermines a large swathe of APRA’s case, founded as it is on the impropriety of the respondents’ conduct in proposing the use of or using the ORFR to reimburse members for certain losses'.Elsewhere in the judgment, her Honour expands on the duty of a trustee to 'get in trust property'. '[IOOF's] decision to use members' funds instead of [its] own funds remains a conflict of interest with director's duties…The conduct on the face of it goes against the relevant superannuation legislation.

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